Tinubu Advocates for Infrastructure-Focused Borrowing Strategy

President Bola Ahmed Tinubu defended his administration’s borrowing program, stating that new loans must finance infrastructure that generates jobs and supports Nigeria’s goal of becoming a $1 trillion economy by 2030. In an article titled “From reforms to delivery: Our infrastructure investment and growth strategy,” he emphasized that the focus should be on the value created from borrowing rather than the amount borrowed.

Tinubu identified priority investments including the Lagos–Calabar Coastal Highway, Sokoto–Badagry Superhighway, and improvements to the electricity grid and major commercial ports in Lagos. He acknowledged the current public debt at 35.75 percent of GDP and debt service at about 65 percent of revenue, stressing the need for longer repayment periods and lower financing costs.

The Lagos–Calabar Coastal Highway is projected to reduce logistics costs by 15 to 20 percent and add up to two percent to Nigeria’s GDP, creating approximately 100,000 direct jobs and over 150,000 indirect jobs.